Some Citi Staff May Get Stay Of Execution
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According to The Sunday Times, many traders in the firm's equities division were in line for the chop, but a strong performance in June has meant that the company is staying its hand, and not axing as many as it originally intended (for now).
The Financial Times reports that Credit Suisse has made a series of changes at the top at its European investment bank and wealth units, and has cuts costs at the executive level by around 30%. Staff have been reassigned to other regions and left, and not replaced. The cost-savings are thought to be rather small beer, however - something less than $49m-a-year.
The Wall Street Journal reports that Merrill Lynch CEO John Thain is likely to make a decision on the possible sale of his firm's stake in Bloomberg later this week. The stake is thought to be worth between $5 - 10bn. The smart money now says that Thain is likely to sell no more than 25% of the Bloomberg stake. The cash will be used to beef up Merrill's balance sheet.
Reuters reports that, according to Swiss weekly Sonntag, Swiss authorities are thought likely to require Credit Suisse and UBS to raise up to $68bn in additional capital to comply with the more stringent capital ratio requirements which are under consideration. Credit Suisse is said likely to have to raise some $29bn, whilst UBS would need an additional $39bn. Credit Suisse is said to have rejected the proposed measures out of hand.
Finally, Driss Ben-Brahim, the head of Goldman's emerging markets trading business, is to leave to join hedge fund GLG Partners. Ben-Brahim will run the $1.2bn emerging markets special situations fund at GLG, and will also be responsible for developing a global macro fund business.
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